DTCC launches tokenization service for $30 trillion in securities

At the center of U.S. securities custody, The Depository Trust Company (DTC), a subsidiary of DTCC, launched its tokenization service on Oct. 28, according to DTCC’s announcement. The service represents eligible securities held at DTC as tokens on blockchain networks; CoinDesk reported that the 34 securities eligible at launch represent about $30 trillion in market value.

By connecting tokenized securities to DTC custody, the service puts blockchain transfers within the existing framework for ownership records and investor protections.

Which securities and firms can use the service?

DTCC said 20 DTC participants had signed agreements to access the service, including Bank of America, Barclays, Citi, J.P. Morgan, Morgan Stanley, State Street and UBS. The group also includes brokerages, clearing firms and asset managers such as Alpaca, Apex Clearing, Citadel Securities and Fidelity Investments. DTCC said it will onboard additional users on a rolling basis.

The launch list covers selected large-cap stocks from the Russell 1000, exchange-traded funds and U.S. Treasury bills, notes and bonds, CoinDesk reported. DTC received a U.S. Securities and Exchange Commission no-action letter in December 2025 covering tokenization of Russell 1000 constituents, ETFs tracking major indices and Treasury securities, according to DTCC.

How do the tokens connect to securities held at DTC?

The service mints tokenized representations of securities already held in DTC custody. DTCC said eligible users can convert securities between traditional and tokenized forms and deliver the tokenized entitlements to digital wallets. The tokens retain the ownership rights, investor protections and economic entitlements of their traditional counterparts, the company said.

CoinDesk reported that conversion into tokens takes place during business hours, with DTCC targeting processing times of 15 minutes or less. Once tokenized, securities can move between registered blockchain wallets around the clock, subject to compliance restrictions. DTC keeps the official ownership records as the tokens move, CoinDesk reported.

Which networks support the launch?

The service is integrated with Canton Network and DTCC’s private Besu network, with more blockchain networks planned for 2027, according to DTCC. CoinDesk reported that DTCC plans to add Stellar and Circle’s Arc blockchain next year. The network setup is designed to let participants move assets between traditional and tokenized markets, DTCC said.

DTCC said more than 150 firms contributed to development through its DTC Digital Assets Solutions Industry Working Group. It also said more than 30 firms completed limited-production trades and on-chain transactions about seven months after the no-action letter. The service launch follows that testing and establishes a route for participants to use tokenized securities within DTC’s custody framework.

Sources

• DTCC’s announcement — dtcc.com